Europe Cloud Computing Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Service Model [Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)], Deployment Model (Public Cloud and Private Cloud), Organization Size [Small & Medium-Sized Enterprises (SMEs) and Large Enterprises], and Industry Verticals (BFSI, IT and Telecom, Government and Public Sector, Retail and Consumer Goods, Manufacturing, Healthcare and Life Sciences, and Others)
The cloud computing market in Europe is expected to grow from US$ 121,291.53 million in 2022 to US$ 417,758.18 million by 2028; it is estimated to grow at a CAGR of 22.9% from 2022 to 2028.
Many cloud-based solution and service providers are working to provide trustable and cost-effective products that can assist organizations in selecting the cost-effective architecture to deliver the required performance. Owing to the growing popularity of multi-cloud environments, the demand for third-party cost optimization is likely to rise in the coming years. Third-party cost optimization services provide higher-quality analytics that maximizes cost savings without compromising performance, as well as offer multi-cloud management consistency and cloud provider independence. The early need for optimization is a necessary component of cloud migration projects. Thus, early establishing skills and processes, using tools to analyze operational data, and identifying cost-cutting opportunities to maximize savings may benefit third-party cloud solutions. The increasing competition and rising investments by several governments in developing cloud-based product portfolios to provide cost-effective cloud computing products attracted many enterprises to adopt cloud computing. Furthermore, cloud providers are strengthening their market positions by investing heavily in developing their product portfolio. For instance, in November 2021, Digiboxx, a file storage, sharing, or cloud storage services startup, raised US$ 1.5 million in pre-series A funding. The company will invest these funds in expanding its cloud-based product portfolio. Also, in July 2021, Wipro planned to invest US$1 billion in cloud-related capabilities over the next three years, including acquisitions and partnerships. Wipro also announced the launch of its ‘Wipro FullStride Cloud Services. Thus, the cost optimization in cloud computing is driving the cloud computing market growth.
By introducing new features and technologies, vendors in the Europe cloud computing market can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the market growth at a notable CAGR during the forecast period.
Europe Cloud Computing Market Revenue and Forecast to 2028 (US$ Million)
Europe Cloud Computing Market Segmentation
The Europe cloud computing market is segmented on the basis of service model, deployment model, organization size, industry verticals, and country. Based on service model, the market is segmented into infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). Based on deployment model, the Europe cloud computing market is bifurcated into public cloud and private cloud. By organization size, the market is segmented into small & medium-sized enterprises (SMEs) and large enterprises. Based on industry verticals , the Europe cloud computing market is segmented into BFSI, IT and Telecom, government and public sector, retail and consumer goods, manufacturing, healthcare and life sciences, and others. Based on country, the Europe cloud computing market is segmented into the Germany , UK , France , Italy , Russia and Rest of Europe.
Europe Cloud Computing Market —Companies Mentioned
Amazon Web Services ; Microsoft Corporation ; SAP SE ; IBM Corporation ; Salesforce.com, inc. ; Google LLC ; Oracle Corporation ; Alibaba Group Holding Limited ; Adobe and Workday, Inc. are a few major companies operating in the Europe cloud computing market .
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